iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,401 Blog Posts

Sell it All

The news from Pakistan is not good. Aside from that, the market was extended, which equals loads of pain ahead for the bulls.

While it’s true, “The Fly” loathes beartards, it makes sense to do some serious selling, up at these lofty levels.

I don’t know why I’m so bearish. It’s rather perplexing. Whenever I see stocks, I want to sell them.

During Christmas festivities, I was the guy, near the fireplace, who told you, : “sell everything fuckface. We’re going significantly lower, soon.” Then, I’d walk away and grab another shot of whiskey, much to your chagrin.

The purpose of this site, is to provide actionable ideas. However, as you know, from time to time, “The Fly’s” time machine transforms into a shitmobile, effectively losing everybody money.

I’ll have you know, the shitmobile is parked in the garage. I’m now driving a brand new, space aged, pimped out, time machine— not to be confused with time masheens.

My point: “The Fly” is much smarter than you, and wins all the time, even when he appears to be losing. Over the last quarter, I snagged sweet trades, such as [[GRMN]] @ $85, [[RIMM]] @ $100 or [[VMI]] @ $74.

What did you do?

Eggsactly [sic].

Let’s not forget, my fellow blogger here at iBankcoin, Danny, was right 72% of the time, booking a 123% gain in [[RICK]].

As for today’s trading:

This is not a buy on the dip scenario. I want to sell short [[LEH]] and go long [[FXP]] and [[SKF]].

Then, I want to go eat a sandwich, drink a few Monster Energy Soda’s, while throwing empty glass seltzer bottles at my trader/servant.

Viz.

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9 comments

  1. Juice

    fm Jay Somaney on the Bhutto murder & its effect on Indian shares

    “The assassination of Pakistani ex-Prime Minister and a candidate for a second run at the country’s helm, Benazir Bhutto is receiving a lot of press but not a lot of chatter on how it could affect the markets in the region.

    Ms. Bhutto was a huge proponent of bringing democracy back to Pakistan and that is the main reason for her killing this morning. The hard-line mullahs (Islamic fundamentalists) hated her as did current President, Pervez Musharraf, who rules the country under martial law or basically a dictatorship. Both sides hated Ms. Bhutto mainly because they feared she would strength ties with the West in her effort to modernize and bring true democracy to a country that is in desperate need of it.

    With her demise the chances that Pakistan could fall into the hands of the mullahs have increased dramatically. If these religious zealots take control of Pakistan, which is openly harboring terrorists in its parts, they would turn the country into another Iraq .

    I am looking for Asian stocks to open very weak tomorrow, especially in India, which has been able to maintain a fragile relationship with neighboring Pakistan . If this increases terrorism activity in Pakistan, a lot of it could spill over into India which could seriously erode relations between the two countries.

    The assassination does not affect the outlook for investments in India and in Indian shares over the long run but could have a adverse impact in the very short-term.

    Simply put, I would definitely not add to or enter into new positions in India related names today but would prefer to wait for the dust to settle in India and to see how their markets react to the news which was disseminated long after the markets there had closed.

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  2. BOOMER

    Fly, I think you are in the pocket on this one.

    As I type this, my son is watching Star Wars:

    Darth Vader: You cannot hide forever, Luke.
    Luke: I will not fight you.
    Darth Vader: Give yourself to the Dark Side. It is the only way you can save your friends. Yes, your thoughts betray you. Your feelings for them are strong. …If you will not turn to the Dark Side… then perhaps they will…
    Luke: [igniting lightsabre]
    [shouts, interrupting]
    Luke: Never!

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  3. JakeGint

    Are you saying Fly’s sister has that odd double-bun hair-do going?

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  4. Juju bear

    Two months ago I told you to get short. See? It has paid off for you in spades. As I recall, the initial conversation went something like this:

    Juju bear: You cannot profit forever, Fly.
    Fly: I will not fight you. Go fuck a can of corn.
    Juju bear: Give yourself to the Dark Side. Go short BWLD and NTRI. It is the only way you can save your profits. Yes, your thoughts betray you. Your feelings for them are strong. Your time machine is not working… If you will not turn to the Dark Side… then perhaps the internets will…
    Fly: [wielding “homo hammer of death”]
    [shouts, with mouthful of oatmeal]
    Fly: Never!

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  5. The Fly

    I thought it went like this:

    Juju: Hey, Fly (interrupted by flying seltzer bottle)

    Fly: Fuck you, get out of my office.

    Juju: But Fly, I read your blog (interrupted again. This time by flying bowl of hot oatmeal).

    Fly: I warned you. Now, you will pay the price!

    Juju: Ok, sorry (runs out of Fly’s office, but is met by henchmen near stairwell.)

    Fly: Take that! (Kicks Juju down a flight of stairs.)

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  6. broken a

    Fly – That shit was funny

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  7. Juju bear

    No, your memory has lapsed due to being over caffeinated. That happened after you lost your ass in NTRI. You were upset. Remember?

    However, because am an excellent physical specimen and in much better shape than you, I handled that fall rather well, much to your chagrin.

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  8. JakeGint

    I dig that you have “henchmen.”

    My query is this: Are they done up in matching “Fly” costumes (perhaps big bugeyed hats and semi-transparent plastic flywings) like the various villains’ henchmen in the old Adam West Batman series?

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